A Quick Guide to Cannabis Regulations for Your Business
Though the cannabis industry is still in its infancy in the United States, it has already become impressively profitable and demonstrated exponential growth over the past few years. It’s no surprise that many savvy entrepreneurs are interested in getting involved. However, a cannabis business can present several unique challenges, and there will be a number of hurdles to jump through before you can start operating. If you’re considering a foray into the cannabis industry, read on to find out what cannabis regulations you should be aware of.
What regulations will your cannabis business need to follow?
What restrictions your cannabis business will have to follow depends entirely on the type of cannabis products you plan to sell. Hemp and hemp by-products like cannabidiol (CBD) were legalized on a federal level through the 2018 Farm Bill. Though some states have restrictions on what types of CBD can be sold, it’s still legal nationwide and isn’t considered a controlled substance, as long as it doesn’t contain more than 0.3 percent THC.
If you’re planning to open a dispensary or work with marijuana, it can be a little more difficult since marijuana is still considered a controlled substance by the federal government. That means you’ll have to follow the laws and regulations in the state that you live in. Currently, there are 36 states that have medical marijuana programs and 18 that permit recreational use. Legalization is gaining momentum all across the country, so it’s likely that more states will be joining them soon.
Your business will also need insurance, but it can be a challenge for cannabis companies to purchase the insurance policies they need. Fortunately, there are cannabis insurance solutions that can provide you with all the protection you need. There are even small business associations and groups that are designed to help cannabis professionals network and address their business needs. If you’re struggling to understand the regulations surrounding the industry, it’s a good idea to seek out professional help.
Is now a good time to get into the cannabis industry?
You might be wondering whether or not now is a good time to get into the cannabis industry. The truth is that there’s never been a better time to do so. Experts project that the CBD market alone could be worth $20 billion by 2024. The industry’s impressive product diversity is a major part of the reason why. You can find CBD infused into everything from cosmetics to coffee. The good news for industry professionals is that this so-called cannabis boom seems unlikely to end anytime soon. With more states pushing for legalization, the future looks bright for the cannabis market in the United States.
Make sure you let your customers know that if they’ve never used cannabis before, they should consult their doctors before trying it for the first time. A doctor can explain how cannabis can affect any health conditions they have or interact with medications they’re currently taking. Being able to inform your customers and provide them with the information they need to understand cannabis products is an essential part of working in the industry.
The cannabis industry is expanding and evolving rapidly, and many entrepreneurs think now is the perfect time to start investing in cannabis. If you’re considering opening a cannabis business, it’s important to do your research and understand exactly what you need and what regulations you need to follow. It may take time and effort, and you may need help navigating the complicated legal landscape, but most industry professionals say it’s worth putting in the work. There’s still a lot left to learn about cannabis, but the industry seems poised to continue its ascent in the coming years.